Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street

  • by Fred Schwed Jr., Peter Arno
  • Narrated by Mark Moseley
  • 4 hrs and 5 mins
  • Unabridged Audiobook

Publisher's Summary

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

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What the Critics Say

"Once I picked it up I did not put it down until I finished.... What Schwed has done is capture fully - in deceptively clean language - the lunacy at the heart of the investment business." (From the Foreword by Michael Lewis, best-selling author of Liar's Poker)
"[O]ne of the funniest books ever written about Wall Street." (Jane Bryant Quinn, The Washington Post)
"How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent." (Michael Bloomberg)

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Customer Reviews

Most Helpful

That guy's got your yacht!

This well-healed read, is funny and cynical, and that's what I like in a book. I couldn't put it down. It is probably the book I should have started with reading about Wall Street before investing but sometimes we don't know these things as we simply get started and ask questions later, a bit like life itself really. If you haven't read any books on investing then do read this one. A timeless classic as stated by other reviews and still has relevance but some of the younger generation might find some of the colloquialisms a little testy, although nothing a quick Google search wouldn't fix. It's funny, and I'm very tempted to ask my financial advisor, "Where's my yacht?" but like all the advice that tends to come from advisers the answer would simply be a well rehearsed response in changing the topic. A tad intellectual but holds the attention of anyone who likes dry wit, satire, and is rather cynical.
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- Zakgirl

Book Details

  • Release Date: 03-08-2012
  • Publisher: Audible Studios